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Full-Text Articles in Law
Regulating In Foresight Versus Judging Liability In Hindsight: The Case Of Tobacco, Jeffrey J. Rachlinski
Regulating In Foresight Versus Judging Liability In Hindsight: The Case Of Tobacco, Jeffrey J. Rachlinski
Cornell Law Faculty Publications
Potentially dangerous products, such as cigarettes, can be regulated through ex post liability or ex ante regulation. Both systems should reach the same result. In practice, however, cognitive biases that influence the liability system can produce incentives to take an excess of precautions. In particular, because people tend to see past events as more predictable than they really were, judges and juries will tend to find defendants who took reasonable care negligent or even reckless. As a consequence of these biases, a liability system can be more expensive than a regulatory system, both to potential defendants and to society. Cognitive …
Common Law Restitution In The Mississippi Tobacco Settlement: Did The Smoke Get In Their Eyes?, Doug Rendleman
Common Law Restitution In The Mississippi Tobacco Settlement: Did The Smoke Get In Their Eyes?, Doug Rendleman
Scholarly Articles
No abstract provided.
A Postmortem On The Cigarette Settlement, W. Kip Viscusi
A Postmortem On The Cigarette Settlement, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
The settlement of the Attorney Generals' suits against the cigarette industry for $206 billion was a landmark outcome. By any standard, the financial stakes were enormous, dwarfing eventhe largest tort liability judgments and punitive damages awards. Moreover, what was especially noteworthy was that the party paying for the costs was the cigarette industry, which to date had been almost unscathed after decades of litigation involving the hazards of smoking... Even more surprising than the enormous amount of the settlement is that any portion is being paid at all to the states. Past research at the national level indicates that cigarettes …
The Governmental Composition Of The Insurance Costs Of Smoking, W. Kip Viscusi
The Governmental Composition Of The Insurance Costs Of Smoking, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
The estimated health risks from smoking have significant external financial consequences for society. Studies at the national level indicate that cigarettes are selffinancing since external costs such as those due to illnesses are offset by cost savings associated with premature death, chiefly pension costs. This paper extends this analysis to all 50 states and considers the costs considered in the state attorneys general suits against the cigarette industry. Cigarettes are always self-financing from the standpoint of costs to each state. The extent of the cost savings is less than at the federal level. However, smokers' higher medical costs are outweighed …